Nc-4p Allowance Worksheet - North Carolina Department Of Revenue

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NC-4P Allowance Worksheet
Part I
Important: You must complete a new Form NC-4P for tax year 2014. As a result of recent law changes, how you
determine the number of allowances for tax year 2014 will differ from previous years. Most taxpayers will not be
!
entitled to as many allowances, and as a result, more taxpayers should claim zero (0) allowances. Additionally, you
are no longer allowed to claim a N.C. withholding
for yourself, your spouse, your children, or any other
exemption
qualifying dependents.
For tax year 2014, answer all of the following questions for your filing status. Because N.C. does not recognize
same-sex marriages, same-sex couples who file married for federal purposes must complete this worksheet as single,
or if qualified, head of household or qualifying widow(er).
Single -
1.
Will your N.C. itemized deductions from Page 3, Schedule 1 exceed $10,000?
Yes o
No o
2.
Will you have adjustments or deductions from income from Page 3, Schedule 2?
Yes o
No o
3.
Will you be able to claim any N.C. tax credits or tax credit carryovers from
Page 4, Schedule 4?
Yes o
No o
If you answered “No” to all of the above, STOP HERE and enter ZERO (0) as total allowances on Form NC-4P, Line 2.
If you answered “Yes” to any of the above, you may choose to go to Page 2, Part II to determine if you qualify for
additional allowances. Otherwise, enter ZERO (0) on Form NC-4P, Line 2.
Married Filing Jointly -
1.
Will your N.C. itemized deductions from Page 3, Schedule 1 exceed $17,500?
Yes o
No o
2.
Will you have adjustments or deductions from income from Page 3, Schedule 2?
Yes o
No o
3.
Will you be able to claim any N.C. tax credits or tax credit carryovers from
Page 4, Schedule 4?
Yes o
No o
4.
Will your spouse receive combined wages and taxable
pensions of less than $5,000 or only retirement benefits not subject to N.C. income tax?
Yes o
No o
If you answered “No” to all of the above, STOP HERE and enter ZERO (0) as total allowances on Form NC-4P, Line 2.
If you answered “Yes” to any of the above, you may choose to go to Page 2, Part II to determine if you qualify for
additional allowances. Otherwise, enter ZERO (0) on Form NC-4P, Line 2.
Married Filing Separately -
1.
Will your portion of N.C. itemized deductions from Page 3, Schedule 1 exceed $10,000? Yes o
No o
2.
Will you have adjustments or deductions from income from Page 3, Schedule 2?
Yes o
No o
3.
Will you be able to claim any N.C. tax credits or tax credit carryovers from
Page 4, Schedule 4?
Yes o
No o
If you answered “No” to all of the above, STOP HERE and enter ZERO (0) as total allowances on Form NC-4P, Line 2.
If you answered “Yes” to any of the above, you may choose to go to Page 2, Part II to determine if you qualify for
additional allowances. Otherwise, enter ZERO (0) on Form NC-4P, Line 2.
Head of Household-
1.
Will your N.C. itemized deductions from Page 3, Schedule 1 exceed $14,500?
Yes o
No o
2.
Will you have adjustments or deductions from income from Page 3, Schedule 2?
Yes o
No o
3.
Will you be able to claim any N.C. tax credits or tax credit carryovers from
Page 4, Schedule 4?
Yes o
No o
If you answered “No” to all of the above, STOP HERE and enter ZERO (0) as total allowances on Form NC-4P, Line 2.
If you answered “Yes” to any of the above, you may choose to go to Page 2, Part II to determine if you qualify for
additional allowances. Otherwise, enter ZERO (0) on Form NC-4P, Line 2.
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